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Overview of Cohen & Steers Closed-End Opportunity Fund, Inc. (NYSE: FOF)
Cohen & Steers Closed-End Opportunity Fund, Inc. (FOF) is a diversified, closed-end management investment company that seeks to deliver a total return through a combination of high current income and potential capital appreciation. Operating under the umbrella of Cohen & Steers, a globally recognized investment manager specializing in liquid real assets, FOF leverages a strategic approach to portfolio management by investing in a wide range of closed-end funds. This enables the fund to provide shareholders with access to diversified asset classes, including real estate securities, infrastructure, preferred securities, commodities, and other income-generating investments.
Investment Strategy and Managed Distribution Policy
FOF employs a unique managed distribution policy designed to provide consistent, predictable cash flows to its shareholders. This policy, implemented in accordance with SEC exemptive relief, allows the fund to distribute regular monthly payments at a fixed rate per share. The distributions may include a mix of long-term capital gains, short-term capital gains, net investment income, and return of capital. By doing so, FOF offers investors an opportunity to realize the fund’s long-term total return potential while maintaining a steady income stream. However, it is crucial to note that a return of capital reduces a shareholder’s tax basis in the fund and may not necessarily reflect its investment performance.
Portfolio Composition and Revenue Streams
FOF’s portfolio is composed of a carefully selected mix of closed-end funds, providing exposure to diverse asset classes and investment strategies. The fund generates revenue through a combination of net investment income, realized capital gains, and, in some cases, return of capital. This multi-faceted approach enables FOF to navigate varying market conditions while striving to meet its total return objectives. The fund’s emphasis on diversification across asset classes and geographies helps mitigate risk and enhance potential returns.
Market Position and Competitive Landscape
As part of Cohen & Steers, FOF benefits from the firm’s extensive expertise in liquid real assets and income solutions. Cohen & Steers, founded in 1986 and headquartered in New York City, is a leading global investment manager with a strong presence in key financial hubs such as London, Hong Kong, Tokyo, and Seattle. This affiliation provides FOF with a competitive edge in sourcing high-quality investments and implementing sophisticated portfolio management strategies. Within the closed-end fund market, FOF stands out for its focus on delivering consistent distributions and its ability to adapt to changing market dynamics.
Key Considerations for Investors
Investors should carefully evaluate FOF’s managed distribution policy and its implications for long-term returns. While the policy offers the advantage of regular cash flows, it also introduces complexities related to the sources of distributions, which may include return of capital. Additionally, the fund’s performance is influenced by the broader market conditions and the performance of its underlying investments. As with any closed-end fund, the market price of FOF’s shares may trade at a premium or discount to its net asset value (NAV), reflecting supply and demand dynamics in the open market.
Conclusion
Cohen & Steers Closed-End Opportunity Fund, Inc. (NYSE: FOF) represents a distinctive investment opportunity for those seeking a diversified portfolio with a focus on income generation and potential capital appreciation. By leveraging Cohen & Steers’ expertise in liquid real assets and employing a managed distribution policy, FOF aims to deliver a balanced approach to total return. However, investors should remain mindful of the fund’s unique characteristics, including its distribution sources and market price fluctuations, when considering it as part of their investment strategy.
Cohen & Steers Closed-End Opportunity Fund (NYSE: FOF) has announced its distribution details for February 28, 2025, under its managed distribution policy implemented in December 2021. The policy aims to deliver the Fund's long-term total return potential through regular monthly distributions at a fixed rate per common share.
The monthly distributions may include long-term capital gains, short-term capital gains, net investment income, and/or return of capital. The Fund estimates it has distributed more than its income and capital gains, suggesting a portion of distributions may be return of capital. Return of capital reduces a shareholder's tax basis and is not taxable.
The Fund emphasizes that distribution amounts may vary based on portfolio and market conditions. The Board of Directors retains the right to amend, terminate, or suspend the managed distribution policy, which could affect the Fund's market price.
Cohen & Steers Closed-End Opportunity Fund (NYSE: FOF) has announced its January 2025 distribution details under its managed distribution policy. The Fund will distribute $0.0870 per share on January 31, 2025, consisting of 34.59% from net investment income ($0.0301) and 65.41% from return of capital ($0.0569).
The Fund's performance metrics show a year-to-date cumulative total return of 20.91% and a five-year average annual total return of 6.40%. The current annualized distribution rate stands at 8.72% of NAV. The managed distribution policy, implemented in December 2021, aims to deliver the Fund's long-term total return potential through regular monthly distributions at a fixed rate per share.
Cohen & Steers Closed-End Opportunity Fund (NYSE: FOF) has announced its December 2024 distribution details and fiscal year-to-date performance. The Fund follows a managed distribution policy implemented in December 2021 to deliver long-term total returns through regular monthly distributions. For December 2024, the distribution of $0.0870 per share comprises 41.95% from net investment income and 58.05% from return of capital. Year-to-date through November 30, 2024, the Fund achieved a cumulative total return of 24.96% and maintains a current annualized distribution rate of 8.38%. The Fund's five-year average annual total return ending November 30, 2024, stands at 7.78%.
Cohen & Steers Closed-End Opportunity Fund (NYSE: FOF) has announced its November 2024 distribution details under its managed distribution policy. The current distribution of $0.0870 per share consists of 43.10% ($0.0375) from net investment income and 56.90% ($0.0495) from return of capital. Year-to-date, the Fund has distributed $0.9570 per share, with 36.32% from net investment income and 63.68% from return of capital. The Fund's performance metrics show a year-to-date total return of 20.01% and a five-year average annual return of 7.26%. The current annualized distribution rate stands at 8.66%.
Cohen & Steers Closed-End Opportunity Fund announced its October 2024 distribution details. The Fund maintains a managed distribution policy implemented in December 2021 to deliver long-term total returns through monthly distributions. The current distribution of $0.0870 per share comprises 36.09% from net investment income and 63.91% from return of capital. Year-to-date through September 30, 2024, the Fund reported a cumulative total return of 21.24% and a five-year average annual total return of 7.59%. The current annualized distribution rate stands at 8.52% based on NAV.
Cohen & Steers Closed-End Opportunity Fund, Inc. (NYSE: FOF) has announced its distribution for September 30, 2024, and provided information on the sources of this distribution. The Fund implemented a managed distribution policy in December 2021, aiming to deliver long-term total return potential through regular monthly distributions.
For September 2024, the distribution is $0.0870 per share, with 42.18% coming from net investment income and 57.82% from return of capital. Year-to-date, the Fund has distributed $0.7830 per share, with 36.04% from net investment income and 63.96% from return of capital.
The Fund's year-to-date cumulative total return as of August 31, 2024, is 18.23%, with a cumulative distribution rate of 6.50%. The five-year average annual total return ending August 31, 2024, is 7.49%, with a current annualized distribution rate of 8.67%.
Cohen & Steers Closed-End Opportunity Fund, Inc. (NYSE: FOF) has announced its distribution for August 2024, to be paid on August 30, 2024. The Fund follows a managed distribution policy aimed at delivering long-term total returns through regular monthly distributions. For August 2024, the distribution is estimated to be:
- $0.0348 (40.00%) from Net Investment Income
- $0.0522 (60.00%) from Return of Capital
The total distribution is $0.0870 per share. Year-to-date, the Fund has distributed $0.6960 per share. The Fund's year-to-date cumulative total return is 15.53%, with a cumulative distribution rate of 5.87%. The Fund's five-year average annual total return is 6.64%, with a current annualized distribution rate of 8.81%.
Cohen & Steers Closed-End Opportunity Fund, Inc. (NYSE: FOF) has announced its distribution sources for July 31, 2024, and cumulative distributions for the fiscal year-to-date. The Fund follows a managed distribution policy implemented in December 2021, aiming to deliver long-term total return through regular monthly distributions. For July 2024, the distribution includes 37.36% from net investment income and 62.64% from return of capital. Year-to-date, the Fund's distributions comprise 34.26% net investment income and 65.74% return of capital. The Fund's year-to-date cumulative total return is 12.37%, with a cumulative distribution rate of 5.25%. The Fund's five-year average annual total return is 6.35%, with a current annualized distribution rate of 8.99%.
Cohen & Steers Closed-End Opportunity Fund (NYSE: CNS) announced the sources of its distributions payable on June 28, 2024, under a managed distribution policy initiated in December 2021. The policy, which aims for steady monthly payouts, may include net investment income, capital gains, and return of capital. For June 2024, the distribution per share is $0.0870, composed of 47.59% net investment income and 52.41% return of capital.
Year-to-date, the Fund has paid $0.5220 per share, with 40.23% from net investment income and 59.77% from return of capital. Shareholders should be aware that a portion of their distributions may be a return of capital, which reduces their tax basis. The Fund’s year-to-date cumulative total return is 10.28%, while the five-year average annual total return stands at 6.92%.
The managed distribution policy can be revised by the Board at any time, potentially affecting the market price. Final tax characteristics of distributions will be reported in Form 1099-DIV after the calendar year ends.
Cohen & Steers Closed-End Opportunity Fund (NYSE: FOF) has announced the sources of its distribution to be paid on May 31, 2024. The distribution includes 35.86% from net investment income and 64.14% from return of capital. The Fund implemented a managed distribution policy in December 2021 to provide regular monthly distributions at a fixed rate per share. This policy allows for flexibility in realizing and distributing long-term capital gains. The Fund's year-to-date cumulative total return through April 30, 2024, is 5.92%, with a cumulative distribution rate of 3.92%, and a five-year average annual total return of 5.43%. The policy may be amended or terminated by the Board of Directors, potentially affecting the market price of the Fund's shares. Shareholders will receive detailed tax information on Form 1099-DIV after the calendar year-end.
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